A power module includes a pair of power devices that are stacked with a plate-shaped output electrode arranged therebetween, and an N-electrode and a P-electrode that are stacked with the pair of power devices arranged therebetween. The output electrode is anisotropic such that the thermal conductivity in a direction orthogonal to the stacking direction is greater than the thermal conductivity in the stacking direction. Also, the output electrode extends in the orthogonal direction from a stacked area where the pair of power devices are stacked. The N-electrode and the P-electrode extend in the orthogonal direction while maintaining an opposing positional relationship.